Looking for an easy way to improve your credit score? This secured card could be an option.

If you have poor or no credit, a secured credit card could help you establish or rebuild your credit history through responsible spending that includes on-time payments.

The Capital One Secured Mastercard is just one such a card — and it comes with no annual fee. You get a starter credit limit of $200 in exchange for a refundable security deposit of $49, $99 or $200 based on your credit score. If you make a larger deposit before your account opens, you may be eligible for a higher credit limit of up to $3,000.

The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.

Up to 25 days

Foreign Currency Conversion Fee (MC)

Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.

0% of transaction value

Minimum Age

18 years of age

Min credit limit

This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.

$200

Max credit limit

This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.

$3,000

Annual fee

$0

Late Payment Fee

$35

Cash Advance Fee

$10 or 3% of the amount of each cash advance, whichever is greater

Is this card for me?

The Capital One Secured Mastercard can offer you many benefits that include:

Ability to build your credit. The Capital One Secured Mastercard reports to the three major credit bureaus, providing you with the opportunity to build your credit with responsible use.

No annual fee. You won’t pay a fee to use it.

No foreign transaction fee. If you’re a frequent traveler, use this card at locations worldwide.

24/7 account access. Get the details of your account online, by phone or through Capital One’s mobile app.

How can I make this card’s high APR worth it?

The Capital One Secured Mastercard is a good way to build credit if you use it responsibly. To avoid paying the high 24.99% variable APR on all of your purchases, challenge yourself to pay off your statement balance each month. After you’ve made on-time payments for five months in a row, you could be eligible for other cards that come with lower APRs and even offer rewards.

What to watch out for

The Capital One Secured Mastercard can help you build your credit to meet your financial goals. But you’ll want to spend only what you can afford to pay off each month to avoid its high APR.

Security deposits. Though you won’t pay an annual fee, you’re required to pay a $49, $99 or $200 security deposit based on your credit score.

Not intro APR. Once you’re approved, a high ongoing APR applies immediately.

No rewards. Like most secured cards, this card offers no points or cash rewards.

What customers are saying about the Capital One Secured Mastercard

The Capital One Secured Mastercard gets great reviews, with one consistent complaint being the low credit limit. Capital One in general gets an A+ from the Better Business Bureau; however, they only get 1.5 stars out of 5 from Consumer Affairs.

Bottom line

The capital One Secured Mastercard is a solid choice if you don’t need a high credit limit. There are no hidden fees, and the card has a great reputation with its customers. However, with the high APR of 24.99%, it’s best to only spend what you can afford to pay off each month in order to avoid paying interest.

Compare the Capital One Secured Mastercard vs. Discover it Secured

Rates last updated February 18th, 2018

Credit Score

Unfortunately, none of the credit cards match that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.

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